Reality star turned designer Nicole Richie announced her engagement today to Good Charlotte frontman Joel Madden during a taping of an episode of “Late Show with David Letterman” set to air Friday night. The couple got engaged in New York on Valentine’s Day over dinner at Abe’s and Arthurs – a restaurant in the trendy Meatpacking District.

Richie’s signature taste in oversized accessories apparently extends to dazzling engagement rings as well. Featuring a 3-4 carat brilliant cut center stone surrounded by enchanting pave set diamonds, the platinum engagement ring is rumored to have cost Madden approximately $250k. After 3 years and 2 children together the couple plans to wed this summer.